Royal Dutch Shell to Sell Interest in Caesar-Tonga Asset for $965 Million

Date : 04/11/2019 @ 8:04AM
Source : Dow Jones News

Royal Dutch Shell to Sell Interest in Caesar-Tonga Asset for $965 Million

Royal Dutch Shell (LSE:RDSB)
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   By Oliver Griffin 
 

Royal Dutch Shell PLC (RDSB.LN) said Thursday that it has agreed to sell its stake in the U.S. Gulf of Mexico Caesar-Tonga asset for $965 million as part of its divestment program.

The Anglo-Dutch oil and gas company said its subsidiary, Shell Offshore Inc., has signed an agreement to sell its 22.5% nonoperated interest in the asset to Delek Group Ltd. (DLEKG.TV) subsidiary Delek CT Investment LLC.

Shell said the transaction is expected to close by the end of the third quarter of this year, with an effective date of Jan. 1, 2019.

The company's deep-water production is expected to exceed 900,000 barrels of oil equivalent a day by 2020 from already discovered and established reservoirs.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

April 11, 2019 02:49 ET (06:49 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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